POST UTME OSUSTECH 2018 Accounting | Objective

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Question 1
A company has the following balance sheet: ₦100,000 in cash, ₦50,000 in accounts payable, and ₦20,000 in common stock. What is the total assets of the company?
A. ₦170,000
B. ₦180,000
C. ₦190,000
D. ₦200,000
Question 2
A company uses a job costing system to account for its manufacturing costs. The following information is available for Job No. 101: Direct Materials: ₦120,000; Direct Labor: ₦80,000; Overhead: ₦60,000. What is the total cost of Job No. 101?
A. ₦260,000
B. ₦280,000
C. ₦300,000
D. ₦320,000
Question 3
A company has the following transactions for the year ended December 31, 2022: Purchased raw materials for ₦300,000; Sold goods for ₦1,200,000; Purchased finished goods for ₦400,000. Prepare the Manufacturing Account for the year.
A. Manufacturing Account
B. Trading Account
C. Profit and Loss Account
D. Balance Sheet
Question 4
A partnership is formed between two individuals, A and B. Their capital contributions are as follows: A contributes ₦150,000 in cash and a machine worth ₦50,000, while B contributes ₦200,000 in cash and a machine worth ₦30,000. What is the ratio of A's capital to B's capital?
A. 1:1
B. 2:1
C. 3:2
D. 4:3
Question 5
A company uses the self-balancing ledger system to account for its transactions. The following information is available: Cash received from customers: ₦300,000; Cash paid to suppliers: ₦150,000; Cash paid to employees: ₦100,000. What is the net increase in cash?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 6
Determine the amount of depreciation on a machine that cost ₦250,000 and has a useful life of 5 years, using the straight-line method.
A. ₦50,000
B. ₦40,000
C. ₦30,000
D. ₦20,000
Question 7
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' and a credit balance of ₦20,000 in the account 'Rent Paid'. What is the correct journal entry to rectify this error?
A. ₦5,000 debit to Rent Paid and ₦5,000 credit to Rent Received
B. ₦5,000 debit to Rent Received and ₦5,000 credit to Rent Paid
C. ₦10,000 debit to Rent Paid and ₦10,000 credit to Rent Received
D. ₦10,000 debit to Rent Received and ₦10,000 credit to Rent Paid
Question 8
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. What is the total profit for the year?
A. ₦40,000
B. ₦60,000
C. ₦80,000
D. ₦100,000
Question 9
A company has the following balance sheet: ₦100,000 in cash, ₦50,000 in accounts payable, and ₦20,000 in common stock. What is the total equity of the company?
A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 10
A company purchases a machine for ₦1,500,000 and depreciates it by 10% per annum using the straight-line method. Calculate the depreciation for the first year.
A. ₦150,000
B. ₦150,000
C. ₦150,000
D. ₦150,000
Question 11
A company issues 1,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of interest to be paid annually.
A. ₦5,000
B. ₦5,500
C. ₦6,000
D. ₦6,500
Question 12
A company has the following transactions: Issued 1,000 shares of common stock at ₦10 per share, and purchased equipment for ₦50,000. Prepare the journal entries for these transactions.
A. Debit Common Stock ₦10,000, Credit Cash ₦10,000
B. Debit Equipment ₦50,000, Credit Cash ₦50,000
C. Debit Common Stock ₦10,000, Credit Cash ₦10,000
D. Debit Equipment ₦50,000, Credit Common Stock ₦50,000
Question 13
A company maintains a cash book and a general ledger. The following transactions are recorded in the cash book: Cash received from customers: ₦150,000; Cash paid to suppliers: ₦80,000; Cash paid to employees: ₦60,000. What is the net increase in cash?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 14
A company uses the single entry system to account for its transactions. The following information is available: Cash received from customers: ₦200,000; Cash paid to suppliers: ₦100,000; Cash paid to employees: ₦80,000. What is the net increase in cash?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 15
A company uses the double-entry system of accounting. The following transactions occurred during the year: 1. Purchased office equipment for ₦50,000. 2. Sold goods for ₦200,000. 3. Paid salaries of ₦100,000. 4. Purchased raw materials for ₦150,000. 5. Collected cash from customers for ₦250,000. Determine the correct order of journal entries for these transactions.
A. 1. Purchased office equipment for ₦50,000. 2. Paid salaries of ₦100,000. 3. Purchased raw materials for ₦150,000. 4. Sold goods for ₦200,000. 5. Collected cash from customers for ₦250,000.
B. 1. Purchased office equipment for ₦50,000. 2. Purchased raw materials for ₦150,000. 3. Paid salaries of ₦100,000. 4. Sold goods for ₦200,000. 5. Collected cash from customers for ₦250,000.
C. 1. Purchased office equipment for ₦50,000. 2. Purchased raw materials for ₦150,000. 3. Sold goods for ₦200,000. 4. Paid salaries of ₦100,000. 5. Collected cash from customers for ₦250,000.
D. 1. Purchased office equipment for ₦50,000. 2. Sold goods for ₦200,000. 3. Purchased raw materials for ₦150,000. 4. Paid salaries of ₦100,000. 5. Collected cash from customers for ₦250,000.

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